Contents

After taking down King Leo at the Aerospace Museum, the group hears that rumors are circulating branding them as a group of terrorists for the Masked Circle; to counter this, they have the rescued children spread counter-rumors calling them heroes, which leads to their Shadow Selves being created, Shadow Maya being the first to appear, appearing in Maya's place when the group gathers at the Kuzunoha Detective Agency. Ms. Ideal tells the group all about the In Lak'ech, and Lisa tells Tatsuya and Eikichi that she knows them from when they were younger, asking the group to go to the Alaya Shrine hoping they'll remember too. At Alaya Shrine, Philemon appears and tells the group that they are starting to remember, and that they must go the reflecting pools at Mt. Iwato, where the group used to play together as children.

At the first reflecting pool, a memory is seen of Tatsuya, Jun, Eikichi, and Lisa first meeting each other at the shrine, with each of them wearing a Phoenix Ranger Featherman mask; Jun suggests they call their secret group the "Masked Circle" so they'll know each other when they meet without masks. The group hid their masks in Mt. Iwato, and each character's mask must be found in order to get their Ultimate Persona. The first one, Lisa's, is located in a "Secret Room" just past the first Reflecting Pool; the mask allows her to get Venus later.

At the second reflecting pool, a memory is seen of the kids playing "Rock, Scissors, Paper" to determine who the "boss" is, where the boss gets to determine what game they play that day. After the memory, Eikichi says he loved to draw but always lost, and Lisa says the only time she could play like a normal kid and be herself, due to constant bullying because of her hair and eye color, was while playing Masked Circle; she also tells Tatsuya that he was her first crush. The next mask, Eikichi's, is located in a "Secret Room" just past the second pool; the mask allows him to get Hades later. The 3rd mask, Tatsuya's, is located in another "Secret Room" just before the stairs down to the next floor; the mask allows him to get Apollo later.

At the third reflecting pool, a memory is seen of the kids meeting "Big Sis" and inviting her to join the Masked Circle. "Big Sis" teaches them the Persona game, saying it'll help make their dreams come true. After the memory, Lisa says Big Sis watched them play the Persona game with a big smile on her face, implying Big Sis had already played it at that time. The 4th mask, Maya's, is located in another "Secret Room" just past the the 3rd reflecting pool; the mask allows her to get Artemis later. In the room, Lisa states that they were the ones that hid the mask there, rather than Maya. Another "Secret Room" is located on B3F, where the fifth mask should be located, but the party speculates that he must have already reclaimed it.

The final reflecting pool is on B4F - do not enter without all 4 masks! Only the characters whose masks were retrieved will get their Ultimate Personas in Caracol, and before entering the final reflecting pool's room is the last chance to go back to get any missed Masks. At the final reflecting pool, a memory is seen of "Big Sis" telling the kid goodbye because she's moving away; the memory ends when current Lisa protests upon seeing kid Lisa suggest they lock Big Sis in the shrine so she can't leave, thinking that by keeping her locked in for a night she wouldn't be able to leave them. She says that Tatsuya was the only one against this idea, which led the kids to him in the shrine too, but when the kids returned the next day, they found the shrine burned to the ground (this memory was seen in the Aerospace Museum, showing Tatsuya Sudou as the culprit). Afterwards, Jun, Lisa, and Eikichi hid their masks and made a rule to never meet again.

Lisa explains that, because of the guilt of thinking they killed Big Sis, they spent the next 10 years convincing themselves it didn't happen and that it was just a dream. Lisa states, however, that her father told her that no bodies were found at the shrine, but since she was just a kid didn't understand that it meant that they didn't kill Big Sis. She incorrectly claims Big Sis to be Joker, then Shadow Maya states she was posing as a member of the team so she could get her revenge when the team remembered their sins and begins attacking them, saying they'll suffer through the same terror she did, but the real Maya shows up and saves them. Then Joker appears and explains that his plan for the group to drown in despair from thinking they'd killed Big Sis has been ruined, and that they should leave if they want to live. Shadow Maya hands him the Fire Crystal Skull they got from King Leo, and Maya exposes Joker's identity as Jun, saying that that nobody has to suffer anymore because she's alive. Joker can't believe that Big Sis is really alive and demands that Shadow Maya kill them.

After the battle, Maya confirms that she's Big Sis, and everyone wonders how they didn't notice it before, even when their Personas were telling them. Maya apologizes for forgetting everyone, and says that she never held a grudge and that it was all a misunderstanding. The Big Sis ghost appears and Maya explains that its another false Maya born from a rumor. The ghost says she just wanted to tell them about Jun in her place since everyone forgot each other, and that Jun is also suffering from false memories, begging them to save him.

Then, Philemon appears again, and Maya says she remembers him from ten years ago. If the correct choices were made earlier in the game, Philemon will give the characters their Prime Personas and increases the party's Persona Stock and Velvet Stock by 4*. He explains that Jun sought to use rumors for his own ends but was swallowed by them and is now acting to fulfill man's ultimate wish; this was not Jun's original desire, but the rumors are changing him into something inhuman. He states that if they wish to save their friend from the Crawling Chaos they must go to Caracol. The party then finds themselves inside the Alaya Shrine, and just as the group starts to set out to save Jun, the Last Battalion begins invading the city to get the "Rings of Time" from Caracol, which is at Mt. Katatsumuri.

To get the rumor for Kuchisake-Onna, speak to the man on the town map standing just outside of Mt. Iwato. After defeating her and getting her mask, he will trade a Megido Card for it, and mention that Kuchisake-onna had been mumbling strange things to itself, saying things like "I wonder if this costume's too obvious..." and "Has Tatsuya-kun reached the detective agency yet?"